Aviva Life Insurance is seeing a rise in demand for protection products in the post-COVID-19 world. A top official of the company said that the insurer wants to make use of this opportunity. Aviva India, a joint venture between Aviva Plc., a UK based insurance group, and Dabur Invest Corp, recently launched Aviva New Wealth Builder, an endowment product of the company.
Anjali Malhotra, Chief Customer, Marketing, Digital and IT Officer, Aviva Life Insurance, said that the life insurer was already a major advocate of guaranteed products. It has been on the rise since April this year and has planned to launch more products in the coming days. Evolving with the new normal of the post-Covid-19 world, the company has made guaranteed products its key focus area. The major share of the business of Aviva comes from guaranteed products.
She said that the Aviva New Wealth Builder had twin benefits, besides being a Guaranteed Plan, customer gets the benefits of protection and investment from the product. She added that protection products had witnessed higher demand and purchase during the pandemic. This inspired the company to make revisions to the product. The ANWB was introduced in 2012. The latest one is launched with revisions such as flexible payment frequency, relaxation in age limit to buy the product. The company expects that with these added features along with guaranteed returns, more customers would be attracted towards the product. The increased age limit enables people at 60 years of age to buy ANWB, previously it was 50 years. With changed frequency, people can pay in smaller installments.
The whole world is facing a unique and uncertain situation. People and the economy are severely impacted by the pandemic, in such a situation people will be looking for security and Aviva understands this perfectly. The New Wealth Builder plan comes with a reassurance guarantee built into it. The company wants to convey the message that despite the uncertainty their customers should look forward to tomorrow with hope and confidence. They should continue making plans and will be supported by the guaranteed returns offered by the company. According to Malhotra guaranteed products provide comfort to customers. She said that risk-taking capacity had come down, and due to uncertainty and ambiguity people would like to stick to guaranteed instruments.
